BCSC Returns Money to Fraud Victim - The Industry Spread


The Industry Spread is a news and information site built for the global trading industry. The site provides industry news focusing on technology, global regulation, company news and the latest people moves .


BCSC Returns Money to Fraud Victim

May 22, 2020

BCSCVancouver – The British Columbia Securities Commission (BCSC) has ordered that $2569, plus interest, be paid to one investor for losses incurred from a fraudulent investment scheme.

Jefferson Franklin Mesidor was found by a British Columbia Securities Commission  panel to have committed fraud when he spent money given to him by two investors for purposes other than foreign exchange trading.

In 2014, the panel ordered Mesidor to pay the BCSC $16,000 under section 161(1)(g) of the Securities Act, representing the amount obtained as a result of the illegal activity. It also ordered Mesidor to pay an administrative penalty of $75,000 and permanently banned him from B.C.’s capital markets.

The BCSC recovered $6,029.53, and it is unlikely any more money can be collected. Under the Securities Act, the BCSC must make available the money it receives from a section 161(1)(g) order to investors who lost money in that case.

Only one of the two investors involved submitted a claim to the BCSC related to Mesidor’s illegal activity. The BCSC panel ordered that 46.24% of the funds, or $2569, plus an equal percentage of the accrued interest, be paid to that investor.

The other investor died in 2011 and their estate has not submitted a claim. The panel ordered that the remaining funds be held back until November, when the three-year notice period expires. At that time, the panel will revisit the case to determine if a claim has been made by the other investor’s estate.

For more information on how the BCSC returns fund to investors, visit the Returning Funds to Investors page on the BCSC website, which can be found under the Enforcement tab of www.bcsc.bc.ca.

Login To MyTis Comment Or Register to MyTIS

Notify of
Inline Feedbacks
View all comments


Register now to receive the latest news and information for global trading industry.

Latest Articles

Chris Newkirk

Chris Newkirk to Joins Visa as Chief Strategy Advisor

Visa Inc, the USA based multinational payments and financial service provider, has revealed the addition of new executive to its senior-level leadership and management team. As per the statement released …

Would love your thoughts, please comment.x